I also strongly agree. Not only was he a projected first rounder, he was the number one rated quarterback at one point by ESPN's Todd McShay. A lot of people knock his long release, but its not like he is the first quarterback to enter the NFL with issues. Tom Brady and Joe Montana were both thought to be too skinny to be in the pros, Drew Brees was knocked for his height, so its not like he is the first to not be the prototypical NFL QB.
He could be an NFL starter someday, but it's hard to judge a QB fresh out of college. Fixing his mechanics will most likely happen, but he's also on a team behind (what I assume) figures they have a long-term future at QB right now in Eli, so he'll need to wait for an injury or trade to get a chance.
That should be good for the kid because it'll give him a chance to learn.